Bingham Osborn & Scarborough LLC Cuts Stake in Fitbit, Inc. (NYSE:FIT)

Bingham Osborn & Scarborough LLC cut its position in Fitbit, Inc. (NYSE:FIT) by 29.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,473 shares of the scientific and technical instruments company’s stock after selling 10,000 shares during the period. Bingham Osborn & Scarborough LLC’s holdings in Fitbit were worth $130,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. Guggenheim Capital LLC increased its stake in Fitbit by 6.7% in the fourth quarter. Guggenheim Capital LLC now owns 36,211 shares of the scientific and technical instruments company’s stock worth $266,000 after buying an additional 2,264 shares in the last quarter. Norges Bank purchased a new stake in Fitbit during the fourth quarter worth approximately $8,678,000. DnB Asset Management AS increased its stake in Fitbit by 81.2% in the first quarter. DnB Asset Management AS now owns 10,363,503 shares of the scientific and technical instruments company’s stock worth $61,352,000 after buying an additional 4,644,977 shares in the last quarter. Hamilton Lane Advisors LLC increased its stake in Fitbit by 18.7% in the first quarter. Hamilton Lane Advisors LLC now owns 241,234 shares of the scientific and technical instruments company’s stock worth $1,428,000 after buying an additional 37,961 shares in the last quarter. Finally, Amerigo Asset Management purchased a new stake in Fitbit during the first quarter worth approximately $13,983,000. 55.71% of the stock is currently owned by institutional investors.

Fitbit, Inc. (NYSE:FIT) opened at 5.57 on Friday. The stock’s 50 day moving average price is $5.48 and its 200-day moving average price is $5.69. Fitbit, Inc. has a one year low of $4.90 and a one year high of $17.18. The stock’s market cap is $1.28 billion.

Fitbit (NYSE:FIT) last released its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.07. The firm had revenue of $353.30 million during the quarter, compared to analysts’ expectations of $341.24 million. Fitbit had a negative return on equity of 20.15% and a negative net margin of 13.79%. The company’s revenue was down 39.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 EPS. On average, analysts predict that Fitbit, Inc. will post ($0.31) earnings per share for the current year.

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FIT has been the topic of a number of research reports. Benchmark Co. initiated coverage on Fitbit in a research note on Tuesday, April 25th. They issued a “buy” rating and a $10.00 price objective on the stock. Stifel Nicolaus reissued a “hold” rating and issued a $7.00 price objective on shares of Fitbit in a research note on Thursday, May 4th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $8.00 price objective on shares of Fitbit in a research note on Thursday, May 4th. Deutsche Bank AG dropped their price objective on Fitbit from $6.50 to $6.00 and set a “hold” rating on the stock in a research note on Friday, May 5th. Finally, Dougherty & Co reissued a “neutral” rating on shares of Fitbit in a research note on Monday, May 8th. Six investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $7.93.

In other news, Director Steven Joseph Murray sold 500,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $5.73, for a total value of $2,865,000.00. Following the completion of the transaction, the director now owns 11,442 shares in the company, valued at approximately $65,562.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andy Missan sold 5,000 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $5.68, for a total value of $28,400.00. Following the completion of the transaction, the executive vice president now owns 80,332 shares of the company’s stock, valued at approximately $456,285.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,045,000 shares of company stock valued at $5,770,100. Corporate insiders own 29.10% of the company’s stock.

About Fitbit

Fitbit, Inc is a provider of health and fitness devices. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts.

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Institutional Ownership by Quarter for Fitbit (NYSE:FIT)

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